Friday At Market: Adani Total Gas, UCO Bank, Manappuram Finance Safe Players Today

Thursday saw the market closing on the red mark for the second consecutive day. The NSE Nifty was down by 46.65 points and closed at 18,487.75, while the BSE Sensex was down by 193.70 points and closed at 62,428.54. Today is the last trading day of the week but experts hope that there may be some positive gains. 

The Big Gainers 

Here is a look at the big gainers on Thursday. These included Silgo Retail, Kanpur Plastipack, Garware Hi-Tech Films and Fairchem Organics. 

Silgo Retail jumped by 20 per cent and is trading at Rs 22.50. In the last five days, it has gained 13.07 per cent. Kanpur Plastipack was up by 10.14 per cent and is available at Rs 104.30. In the last one month, it has jumped 13.55 per cent.  

Garware Hi-Tech Films gained 8.81 per cent and is trading at Rs 733.50. In the last five days, it has jumped by 16.55 per cent. Fairchem Organics jumped 7.84 per cent and is trading at Rs 1,331. The 52 week high of this stock is Rs 2,449.90. 

Stocks That Are Showing Bullish Signs

According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include South Indian Bank, UCO Bank, Manappuram Finance, and Adani Total Gas.

South Indian Bank has gained 9.57 per cent and is available at Rs 18.90, while UCO Bank is up by 5.51 per cent and is trading at Rs 27.75. 

Manappuram Finance is trading at Rs 113.30 following a jump of 2.77 per cent. Adani Total Gas gained 4.95 per cent and is trading at Rs 697.

Expert Speak 

Rajesh Bhosale, Technical Analyst at Angel One

Despite SGX Nifty indicating a subdued start, the Nifty benchmark opened on a positive note. However, there was no follow-through buying at higher levels, and prices gradually declined throughout the session. Eventually, a low-spirited weekly expiry session ended with a loss of 0.25%, settling just below 18500.

The past few weeks have been highly favorable for the bulls, but now prices have entered a correction phase due to global uncertainty. Going ahead, this correction, whether in terms of time or price, may continue. Nevertheless, traders should bear in mind that the primary trend remains positive, and such corrections present opportunities to re-enter long positions. In terms of levels, the current prices are situated at crucial support levels around 18450 - 18400. If there is any improvement in the global situation, the market ideally should rebound from these levels and regain 18600 - 18700 and higher in the near term. However, breaching this support zone would shift the focus to the 20-day exponential moving average (20EMA), which previously served as strong support during the last correction, now acting as a critical level at 18300.

While there weren't many opportunities for the bulls in index-specific trades, there were numerous instances of stock-specific action. Therefore, we emphasize that traders should concentrate on such opportunities.

(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)